Boom time for Australian housing market thanks to first-home buyers

THE number of first-home buyers entering the market has jumped across Australia, but two of our major cities remain hard to crack for those trying to break into the market.

THE number of first-home buyers entering the market has increased considerably around the country, but it’s not all good news for Melbourne buyers. 

The number of loans to first home buyers in Victoria has increased by a 33 per cent compared to last year, with a total of 8786 people choosing to buy their first home across the state.

While the number of people entering the market has jumped, in part due to the changes to stamp duty for eligible first home buyers, Melbourne and Sydney remain hard to afford for those trying to enter the market for the first time.

Real Estate Institute of Australia’s quarterly housing affordability report shows an improvement in housing affordability nationally but highlights the issues with Melbourne’s market.

“First-home buyer numbers are strong in NSW with a 57.7 per cent increase for the quarter or 70.9 per cent year on year and very solid in Victoria with 32.2 per cent for the quarter and 33 per cent year on year".